What is Ripple
When people think of Ripple, they may immediately think of the XRP cryptocurrency. However, Ripple’s business, technology and ecosystem are not completely synonymous with XRP, although Ripple does harness the XRP coin for certain uses within its ecosystem.
So what is Ripple trying to solve? The progression of technology has significantly changed the speed and ease at which information moves globally. The movement of money, however, has remained comparatively more cumbersome than, say, the transition from letters to email.
Cryptocurrency has provided significant improvements in the area of value transfer, but crypto, in a general and broad sense, lacks levels of compatibility with traditional money systems. By harnessing blockchain technology, Ripple aims to help quicken and smoothen the arena of money transfer.
It is important to note that although the Ripple company harnesses the XRP Ledger and XRP coin in various capacities, the XRP Ledger and XRP coin are independent of the Ripple company, according to ample statements and material issued by the company itself over the years of operating.
History of Ripple
Originally a money transfer platform known as RipplePay, initiated by software developer Ryan Fugger in 2004, Ripple as it functions today is the result of a journey of transitions and developments over the years. A number of people have played influential roles on that journey, including Jed McCaleb, Arthur Britto and David Schwartz. The triad of engineers opted to look outside of Bitcoin (BTC) to build their own solution following Bitcoin’s launch in 2009. The result — the XRP Ledger, which went live in 2012.
McCaleb, the founder of the now-defunct Mt. Gox exchange, left Ripple in 2014, going on to co-found Stellar (XML). Previously Ripple’s CEO, Chris Larsen now holds the position of executive chairman for Ripple’s director board. Brad Garlinghouse took over as Ripple’s CEO in 2017, after Larsen announced his decision to depart the position in 2016.
Ripple Technical analysis chart